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pashok25 [27]
3 years ago
9

JFS Co. constructed a new subdivision during 2020 and 2021 under contract with National Hoopla Company. Relevant data are summar

ized below: Contract amount $ 3,000,000 Cost in the year: 2020 1,200,000 2021 600,000 Cost to complete: 2020 1,000,000 2021 800,000 Contract billings: 2020 1,500,000 2021 1,500,000 JFS recognizes revenue upon completion of the contract. In its December 31, 2020, balance sheet, JFS would report: Multiple Choice The contract asset, deferred profit, of $400,000. The contract asset, contract amount in excess of billings, of $1,500,000. The contract asset, cost and profits in excess of billings, of $500,000. The contract liability, billings in excess of cost, of $300,000.
Business
1 answer:
timama [110]3 years ago
7 0

Answer:

The contract asset, cost and profits in excess of billings, of $500,000.

Explanation:

As JFS follows completion contract method, the following will be recognized in the books for December 31, 2020:

1. Cost to Complete -                        $1,000,000

2. Revenue (billings done in 2020) <u>$1,500,000</u>

3. Profit -                                             <u>$500,000</u>

Hence, the third option is correct

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